Orpea - comment

Following on from Monday’s announcement, Orpea’s banking group have an agreement in principle relating to additional financing for Orpea. These include an additional €600m via syndicated loan, which has two subparts, a €400m RCF, maturing in June 2026, and two credit facilities, for €200m which will mature at the earliest of the completion of the capital increase or year end, December 2023. The margin on these and the other new facilities arranged in May 2022 has been reduced to 2%, with the final maturity on the existing facilities extended to December 2027 with some contractual amortisation over the intervening years. Additionally, the Company reiterates its commitment to dispose of real estate assets for €1.25bn by December 2025.

However, there is no update on the percentage of the unsecured creditors who have acceded to the lock-up agreement.